How updating your business can improve functionality, maintain business profits and build a stronger brand.
The Importance of Change
It is difficult for owners to make changes to their business due to concerns of expense and disruption. However, being open to change allows your business to grow and become modernised.
A way to identify areas in your organisation, that need improvement, is through a method called ‘Gap Analysis’.
This is where current performance is compared with the potential performance in order to identify ‘gaps’ within your business. This is achieved by using the key metrics: Cost, Time, and Quality.
An example where gap analysis can be used is through the hiring process. It is important to have a responsive workforce that can adapt to change and rise to challenges. However, there may be something your team is lacking. It is important to access your current team’s performance. Areas that need improvement can then be identified and considered. This can then help you navigate your hiring process to seek out an individual who can fill this gap, improve your team and ultimately generate more profits.
Gap Analysis is a seemingly simple process but it should be conducted accurately and frequently across many areas of your business, in order to be effective. This method provides a lot of clarity in setting goals and objectives for your organization.
The digital age has transformed the way a business is run. From how we communicate to marketing strategies, technology has made older methods obsolete.
There is more opportunity to reach customers at a higher capacity, with little expense, as marketing strategies can be carried out across multiple social platforms. This is known as e-commerce marketing and has drastically decreased marketing budgets.
It is also important for your business to remain up to date with technological advances to demonstrate progression, improve customer engagement and experience. This would also pose an advantage against other competitors.
Your brand is the face of your business and the first impression a customer will receive. Target audiences will change overtime, especially for an e-commerce business.
Something as simple as updating your logo or website can impact the way someone views your business. As times change, new trends arise, which is why your brand needs to be considered in order to ‘fit in’ and appeal to these newer audiences.